Wed, 05 May 2010

The Ministry of Public Housing is drafting a revision of a government regulation that will allow foreigners aged at least 55 years old to own property in the country.

Housing Minister Suharso Monoarfa said Tuesday the revision was expected to be completed at the end of this month and submitted to the President afterwards.

Suharso said the revision also involved other institutions, including the Directorate General of Immigration, the National Land Agency.

He added the enforcement of the regulation would promote the country as a destination country for foreigners who wish to spend the rest of their lives here.

The regulation will limit housing loan for the foreigners to a maximum 50 percent of the property’s price. It also stipulates that the loan must mature in three years to avoid the foreign buyers from leasing the property.